Ford Shares Revved Up Off Goldman Sachs Upgrade
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Ford Motor Company (NYSE: F) shares were trading higher by $0.35 (2 percent) at $15.64 in Wednesday's session. The company was a recipient of an upgrade from Neutral to Buy at Goldman Sachs.
Ford's stock distanced itself from the $15 level in Tuesday's session, moving up from $15.13 to $15.29. The upgrade instigated a higher open ($15.50 vs. Tuesday's close of $15.29) and after a brief retreat to $15.42, the rally continued.
So far, it has reached $15.66 and is trading not far from that level. That marks the highest level for the issue since it peaked on May 11 at $15.84.
Ford is on pace to have have an above average volume day. So far, it has traded 17 million shares with over four hours remaining in the session, compared with its 20-day average of 24 million shares.
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